Investments worth Rs 40,000 crore expected in M'lore: ONGC

Published: Tuesday, July 8, 2008, 21:37 [IST]

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Bangalore, July 8 (UNI) ONGC Chairman R S Sharma today said investment worth Rs 40,000 crore, including Rs 12,000 crore for expansion of the existing refinery here, was expected in and around Mangalore in the coming months.

Mr Sharma told reporters after his meeting with Chief Minister B S Yeddyurappa here that it had already invested Rs 8,000 crore jointly with MRPL for the refinery and would invest an additional Rs 12,000 crore for increasing its capacity from 9.96 MT of crude oil to 15 MT in the coming months.

They had already acquired 1,800 acre at a cost of Rs 2,000 crore for setting up a SEZ, he said.

In addition, other industries with investments worth Rs 8,000 crore would be coming up in the area following the setting up of SEZ besides an aeronautical complex at an investment of Rs 6,000 crore.

In all around Rs 40,000 crore would be invested in the coming months in and around Mangalore, he said.

He said he demanded reducing Entry Tax, State Tax on crude oil and incentives for expansion of MRPL.

Mr Sharma said the state government had responded in a very positive way for fulfilling these demands.